Oil-Rig Count in US Rises for First Time in Seven Weeks

The number of oil rigs operating in the US rose this week, data from Baker Hughes (BGHE) showed, as prices for the key commodity rose on the day.

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The tally, an indicator of future production levels, rose by 15 to 831 through Friday, data from the Houston-based energy services firm showed, the first increase in seven weeks. The US gas-rig count rose four to 194, bringing the country’s total gain in the week to 1,025 from 1,006 a week earlier.

In the same period last year, the US had 808 oil rigs and 194 gas in operation, the company’s data showed.

West Texas Intermediate, the US benchmark, gained more 1% to $62.77 a barrel while Brent, the international standard, rose nearly 1% to $70.10 at the time of writing.

The total for North America slipped by one rig in the week to 1,093, and down from 1,114 in the same week of 2018. Canada’s oil-rig count fell to 22 in the week compared to 35 previously and 48 from last year. The country’s gas-equipment tally fell by seven in the week to 46, and down 17 from a year ago.

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Among the states, top producer Texas gained eight rigs while West Virginia rose by four. New Mexico rose by three while Alaska and Colorado each gained two. Oklahoma and Pennsylvania each lost one rig.